MANILA, Philippines ? Local stocks rebounded sharply from a four-month low on Wednesday as a prospective bailout package for debt-ridden Greece boosted risk appetite on emerging markets.

The main-share Philippine Stock Exchange index gained 2.1 percent or 59.63 points to close at 2,857.24 as an improved global investor confidence inspired local bargain-hunting, bringing the bourse to a positive territory for the first time this week.

All the major sectors were up, but the recovery benefited the mining, holding firms, financial and property indices the most as their respective indices bounced back by close to 3 percent.

Value turnover amounted to P2.92 billion.

Bearish trading over the last few weeks has also made many stocks cheaper for those brave enough to load up on equities again.

There were 79 advancers overwhelming 22 decliners and 54 unchanged stocks. Blue chips Philippine Long Distance Telephone Co., Ayala Corp., Metropolitan Bank and Trust Co., Globe Telecom and SM Investments Corp. led the market rally alongside second-liners Metro Pacific Investments Corp., First Philippine Holdings Corp. and Megaworld Corp.

Local sentiment was lifted by an upbeat Asian market, in turn shored up by the overnight recovery of the Dow Jones Industrial Average back to the 10,000 level on rising expectations that European leaders would help Greece address its fiscal woes.